Pretty sure I read that suggestion about management wanting debt converted on this forum a couple of months ago. 

The 52 cent warrants have less embedded gain and a longer life - they are good until October. The same pressure with respect to potential capital gains tax increase applies however.

Doesn't really matter as all this paper needs chewing through over the next 9 or so months.

I know you are always suspicious of others' motive FJ.  I am long common only (several hundred thousand) - no debt, no warrants, and starting back from Opel days in 2010 or so.